Ripple Labs Founder Donates $10 Million in XRP to Support Kamala Harris – Decrypt

The cryptocurrency industry is making its mark in the lead-up to the upcoming election.

The most recent contribution comes from Ripple’s co-founder and executive chairman, Chris Larsen, who announced on Monday that he has donated an additional $10 million in XRP, the seventh largest digital asset by market cap, to support Vice President Kamala Harris’ presidential campaign.

Ripple confirmed to Decrypt that Larsen had made this personal donation, following his public announcement on social media. The New York Times detailed the donation to a prominent Democratic PAC called Future Forward, amidst a surge in fundraising for the Harris campaign and its associated entities. Larsen also reaffirmed the donation on Twitter, specifying that it was made in XRP.

The cryptocurrency industry has been increasingly involved in political contributions, reflecting a growing trend of involvement in the political sphere. With the rise of digital assets and blockchain technology, individuals and companies within the crypto space are seeking to influence policy and support candidates who align with their vision for technological innovation.

Larsen’s decision to support Harris’ campaign highlights his belief in her ability to promote tech innovation, including cryptocurrency, in the United States. By contributing $10 million in XRP, Larsen is signaling his confidence in Harris’ potential to champion American technology on a global scale.

Earlier this month, FEC filings revealed Larsen’s previous donation of 1,754,815.29 XRP, valued at $1 million, to the same PAC in August. A representative from Ripple Labs clarified that the recent $10 million donation did not include the earlier batch of XRP.

Larsen’s involvement in Ripple, a fintech company focused on facilitating cross-border money transfers, underscores his commitment to advancing financial technologies. As a co-founder of XRP, he has played a pivotal role in the development of one of the largest digital coins by market capitalization.

Ripple’s relationship with regulatory bodies, particularly the U.S. Securities and Exchange Commission (SEC), has been contentious. The company faced a significant legal challenge from the SEC in 2020, alleging the sale of unregistered securities through the XRP cryptocurrency.

Despite this legal battle, Ripple secured a favorable ruling last year, with a judge determining that XRP sales on exchanges to retail investors did not constitute securities. While institutional sales of XRP were deemed to be unregistered securities, the overall outcome was seen as a victory for Ripple and the broader crypto industry. The company continues to engage in appeals with the SEC as part of ongoing legal proceedings.

Ripple Labs CEO Brad Garlinghouse responded to Larsen’s latest donation in a tweet, emphasizing the importance of supporting candidates who advocate for crypto-friendly policies. Garlinghouse highlighted the need for bipartisan collaboration in advancing blockchain and cryptocurrency innovation in the U.S., emphasizing the industry’s commitment to fostering a regulatory environment conducive to technological progress.

As the election approaches, candidates’ stances on cryptocurrency and blockchain technology are becoming increasingly relevant to industry stakeholders. While Republican candidate Donald Trump has emerged as a favored candidate among crypto advocates, with substantial financial support from the industry, the Harris campaign has also shown interest in fostering a supportive environment for technological innovation.

With the crypto community actively engaging in political discourse and contributing to political campaigns, the intersection of technology and policy is becoming more pronounced. As digital assets and blockchain technologies continue to evolve, their impact on political agendas and regulatory frameworks will likely shape the future of innovation and economic development.

For more trending news articles on cryptocurrency and decentralized finance (DeFi), visit DeFi Daily News.

Compiled by Andrew Hayward